Less Than Half of All Home-Sale Attempts Successful in ‘09

[Joseph Burkeson, CMI]

Makes perfect sense if you happen to be working in one of the most effected areas.

Less Than Half of All Home-Sale Attempts Successful in ‘09

A survey of seven major housing markets found that less than half of all attempts to sell a home in 2009 had, as of last Wednesday, resulted in a sale.

The analysis, conducted by Redfin Corp., a Seattle-based brokerage that operates in nine states, shows just how tough the housing market has become–and just how many sellers are unwilling to lower their prices.

The survey looked at how the 500,000 homes that were listed for sale last year in seven of the nation’s biggest counties had fared. Around 47% of those listings had sold by last week, while just 4% of those listings were still active. The success rate looks at the number of listings that sold through the original listing agent; if someone hired an agent, and then changed agents, the home is added again to the count of new listings.

“There’s just such a standoff in the market between sellers and buyers, both with unrealistic expectations, and a lot of heartbreak and wasted effort,” said Glenn Kelman, Redfin’s chief executive.

Excerpt: http://blogs.wsj.com/developments/20...cessful-in-09/